https://www.taxtmi.com/caselaws?id=19349 The High Court ruled in favor of the assessee regarding the disallowance of interest paid to partners, emphasizing that interest on personal deposits to partners cannot be treated as interest paid to their Hindu undivided families. However, the Court sided with the Revenue on the validity of the reassessment proceedings under section 147 of the Income-tax Act, 1961, stating that the Officer's actions were aimed at rectifying oversights in the original assessments based on legal principles and precedents. No costs were awarded in this case. en-us Fri, 02 Dec 1994 00:00:00 +0530 Thu, 05 Nov 2009 16:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19349 The High Court ruled in favor of the assessee regarding the disallowance of interest paid to partners, emphasizing that interest on personal deposits to partners cannot be treated as interest paid to their Hindu undivided families. However, the Court sided with the Revenue on the validity of the reassessment proceedings under section 147 of the Income-tax Act, 1961, stating that the Officer's actions were aimed at rectifying oversights in the original assessments based on legal principles and precedents. No costs were awarded in this case. Case-Laws Income Tax Fri, 02 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19349